Atividade regulatória ESG

Um compêndio de importantes regulamentações ESG.

Filtre com base em sua atividade e região.

O modelo econômico atual ainda se baseia no “pegar-fazer-substituir”. Ela esgota nossos recursos, polui nosso meio ambiente e prejudica a biodiversidade e o clima.

UE: Comunicação da Comissão: Tornar os produtos sustentáveis a norma

Os últimos dois anos testemunharam uma mudança significativa no foco internacional no risco relacionado ao clima e na estratégia de negócios. Países e agências têm proposto e implementado uma variedade de ações destinadas a melhorar a comunicação do impacto nos negócios. Essas propostas surgiram em três domínios diferentes, mas inter-relacionados:

  • em taxonomia;
  • em regulamentações de valores mobiliários; e
  • na regulamentação governamental de ESG.

As tabelas a seguir capturam as atividades recentes significativas, tanto dos governos quanto das agências, que abordam relatórios e métricas relacionados ao clima e ao ESG.

Uma palavra recentemente ativa no léxico do ESG é “taxonomia”. Uma taxonomia financeira sustentável pode ser definida como um sistema de classificação para ajudar investidores e outras partes interessadas a entender se uma atividade econômica é ambiental e socialmente sustentável (ou, mais precisamente, atende aos critérios sociais e ambientais definidos pela taxonomia).

Na prática, as taxonomias de finanças sustentáveis geralmente compreendem uma lista de atividades que são consideradas alinhadas com metas sociais ou ambientais específicas, juntamente com critérios técnicos (por exemplo, métricas ou limites de desempenho) para avaliar quando essas atividades estão alinhadas com as metas de sustentabilidade.

Uma das questões críticas para os desenvolvedores de taxonomias é até que ponto as taxonomias nacionais ou regionais (por exemplo, dentro da União Europeia) devem se alinhar com outras taxonomias. Observe abaixo as taxonomias que começaram com a UE e se espalharam rapidamente para outros países. Será interessante ver como essas taxonomias se tornam alinhadas ou interoperáveis, ou seja, como elas compartilham princípios e métricas comuns e adotam processos para superar possíveis inconsistências.

Até este ano, houve alguma falta de conformidade entre as métricas e padrões que podem ser usados para identificar e quantificar a sustentabilidade. 2022 viu o rápido desenvolvimento de três importantes padrões de sustentabilidade. Todos estão em forma de rascunho neste momento. A KPMG fez algumas observações preliminares:

  • SEC — focada no investidor e com relatórios sobre o clima
  • ISSB — focado no investidor, com princípios gerais, além da exigência de relatar todos os riscos e oportunidades significativos relacionados à sustentabilidade. Padrões apresentados para grupos industriais (~30)
  • EFRAG — multissetorial focado em princípios fundamentais, além de requisitos granulares para impactos, riscos e oportunidades de sustentabilidade, incluindo dupla materialidade. Concentre-se na relevância dos dados para os negócios da UE e o Acordo Verde da UE.

Houve uma grande atividade da Comissão de Segurança em 2022 no campo da prática comercial sustentável. Isso ocorreu, tanto em antecipação quanto em resposta à COP26 e também em resposta ao estabelecimento governamental de metas climáticas e de emissões. O foco da nova atividade de geração de relatórios parece estar mudando:

  • de regulamentações e diretrizes governamentais que foram predominantemente não aplicadas, mal aplicadas ou não aplicáveis (recomendações);
  • às regulamentações de segurança com foco no investidor que são obrigatórias.

UM novo banco de dados lançado pelas Bolsas de Valores Sustentáveis da ONU (UN SSE) mostra que 69 bolsas de valores em todo o mundo estão tomando medidas para apoiar a melhoria das divulgações financeiras relacionadas ao clima em seus mercados

A ação de divulgação mais comum tomada pelas bolsas de valores foi adicionar as recomendações do TCFD às diretrizes de relatórios do ESG para seus mercados. Enquanto 40 bolsas de valores estão referenciando as recomendações do TCFD em suas diretrizes de relatórios do ESG, três bolsas de valores forneceram ainda diretrizes de divulgação específicas do clima (FEITIÇO, USO e PERNA). Os SSE's Orientação modelo sobre divulgação climática defende diretrizes de divulgação específicas do clima, dados os riscos e oportunidades materiais exclusivos que resultam das mudanças climáticas.

Essa mudança na atividade é visível nas recomendações, diretrizes e requisitos obrigatórios descritos nas tabelas abaixo. Será que as apostas financeiras aumentaram?

A UE tem sido ativa na redação de regulamentos e diretrizes para facilitar o alinhamento com as metas climáticas do Acordo de Paris e os Objetivos de Desenvolvimento Sustentável da ONU. Essas novas diretivas (SFDR; CSRD; CSDD; ESPR) foram escritas em um tom muito mais obrigatório do que a regulamentação anterior.

Arquivo de regulamentações ESG

Tipo de atividade
Região
País
Obrigada! Seu envio foi recebido!
Opa! Algo deu errado ao enviar o formulário.
Mostrando
XX
do
XX
Atividade

Climate Innovation Finance Strategy 2020

Tipo de atividade
Security Commission or equivalent Regulations
País
Japan
N/A
Região
Asia
N/A
Propósito

From Ministry of Economy, Trade and Industry (METI) - Against the backdrop that global society, in particular, emerging countries in Asia and other regions, requires an enormous amount of investments to achieve decarbonization, the importance of the roles played by finance is growing for the purpose of not only promoting “green” investments (e.g., those in renewable energy), but also encouraging investment in companies committed to “transition” to a society which steadily advances low-carbonization and decarbonization or to “innovation” to dramatically decrease the emissions of carbon dioxide.

Escopo

Applies to investors and operational companies in Japan and abroad.

Obrigação

Guidance

Cronograma//Aplicação

Issued 2020

Comentário
Mostrar mais
Atividade

APRA CPG 229 – Prudential Practice Guide on Climate Change Financial Risks

Tipo de atividade
Security Commission or equivalent Regulations
País
Australia
N/A
Região
Australia
N/A
Propósito

Guidance on sound practice in relation to managing climate change financial risks

Escopo

encourages climate risks to be managed within an institution’s overall business strategy and existing frameworks including risk appetite statement, risk management strategy and business plan, with disclosure according to the TCFD.

Obrigação

‘encouraged’ guidance

Cronograma//Aplicação

Issued 2021

Comentário

Observance is “encouraged”

Referência
Mostrar mais
Atividade

Capital Markets Modernization Taskforce Final Report

Tipo de atividade
Security Commission or equivalent Regulations
País
Canada
N/A
Região
North America
N/A
Propósito

Taskforce reporting to the Ontario government (Toronto Stock Exchange) on activities for ‘modernization’

Escopo

Issued recommendation to government

Obrigação
Cronograma//Aplicação

Two to five years

Comentário
  • Recommended issuers be required to disclose material ESG information, in particular on climate change
  • Endorsed certain standards of the Taskforce on Climate-Related Financial Disclosures
Mostrar mais
Atividade

CMISA:  Circular on Risk Management for Regulated Financial Service Providers

Tipo de atividade
Security Commission or equivalent Regulations
País
Israel
N/A
Região
Asia
N/A
Propósito

To create a risk management framework for financial service providers. It does so by examining both the responsibility imposed on the regulated entity and the domino effect a risk management failure could trigger in one of the related entities, due to the relations and interconnectivity between these entities.

Escopo

Regulated financial service providers.

Obrigação

Requirement to consider, then with18 months to complete the necessary preparations (to appoint a risk manager with the purview to work independently and formulate and obtain the board of directors’ approval for a risk management plan.)

Cronograma//Aplicação

Published June 2022

CMISA (Capital Markets, Insurance and Savings Authority)

Comentário

The Capital Markets, Insurance and Savings Authority has not set uniform parameters, in order to avoid determining the analysis for the institutions, and to let them set their methodology in accordance with the method that seems best to them

Mostrar mais
Atividade

Circular to licensed corporations, Management and disclosure of climate-related risks by fund managers; Amendments to Fund Manager Code of Conduct on TCFD recommendations: Guidance on Climate Disclosures

Tipo de atividade
Security Commission or equivalent Regulations
País
Hong Kong
N/A
Região
Asia
N/A
Propósito

To direct managers to take climate-related risks into consideration in their investment and risk management processes and make appropriate disclosure

Escopo

Fund Managers managing collective investment schemes.  requirements cover governance, investment management, risk management and disclosure.

Obrigação

Mandatory

Cronograma//Aplicação

Published 2021

Comentário

Represent a notable departure from existing Business Responsibility Reports

Mostrar mais
Atividade

UK Greening Finance: a roadmap to sustainable investing

Tipo de atividade
Security Commission or equivalent Regulations
País
United Kingdom
N/A
Região
Europe
N/A
Propósito

To ensure that the information exists to enable every financial decision to factor in climate change and the environment

Escopo
Obrigação

Guidance

Cronograma//Aplicação

Oct. 2021

Comentário

In 2019, the UK became the first major economy to commit in law to net zero greenhouse gas emissions by 2050. In 2021, the government set in law to cut emissions by 78% by 2035 compared to 1990 levels.

Mostrar mais
Atividade

Basic Guidelines on Climate Transition Finance

Tipo de atividade
Security Commission or equivalent Regulations
País
Japan
N/A
Região
Asia
N/A
Propósito

To strengthen the position of climate transition finance ( “transition finance”) as a means of financing transitions, especially in hard-to-abate sectors, and introduce more funds in order to contribute to achieving the 2050 carbon-neutral goals and the Paris Agreement

Escopo

A reference for the fundraiser, the financier, and other market participants when they consider concrete actions to transition finance.

Obrigação

Guideline

Cronograma//Aplicação

Issued 2021

Comentário

Is consistent with he International Capital Markets Association (ICMA) “Climate Transition Finance Handbook”

Mostrar mais
Atividade

Circular on Business Responsibility and Sustainability Reporting (BRSR) by listed entities

Tipo de atividade
Security Commission or equivalent Regulations
País
India
N/A
Região
Asia
N/A
Propósito

A step towards bringing sustainability reporting at par with financial reporting

Escopo

Applicable to the top 1000 listed entities

Obrigação

Include an overview of material ESG risk and opportunities (including an entity’s approach to mitigating or adopting to the risks along with financial implications); sustainability related goals/targets and performance against these; and specific environment and social related disclosures.

Cronograma//Aplicação

Issued 2021  voluntary for FY 2021-2022  mandatory from FY 2022-23

Securities & Exchange Board of India (SEBI)

Comentário
Mostrar mais
Atividade

ASEAN Taxonomy for Sustainable Finance (version1)

Tipo de atividade
Taxonomy
País
N/A
Região
N/A
Propósito

To serve as a common language across the different jurisdictions to communicate and coordinate on labelling for economic activities and financial instruments.

Escopo

ASEAN is composed of ten member states, which exhibit varied standards of development and economic activity. The taxonomy is intended as the reference point for sustainable projects and activities in ASEAN, to help issuers and investors understand the sustainability impact of a project or economic activity, to result in a more informed and efficient decision-making process

Obrigação

Version 1 is meant to provide a framework for discussion.

Cronograma//Aplicação

Issued 2021

Comentário

With differing states of development, as well as varying economic and social structures of the ASEAN Member States, it is critical for the ASEAN Taxonomy to facilitate an orderly transition at all levels towards a sustainable ASEAN.

  • To show progress to targets, may use traffic light approach as well as metrics.
Referência

ASEAN = Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Laos, Myanmar, Cambodia and Vietnam

https://asean.org/wp-content/uploads/2021/11/ASEAN-Taxonomy.pdf

Mostrar mais
Atividade

EU Platform on Sustainable Finance – Report on Social Taxonomy

Tipo de atividade
Taxonomy
País
N/A
Região
Europe
N/A
Propósito

While most economic activities have detrimental environmental impacts, social taxonomy Identifies the social benefits (e.g., job creation, paying taxes and producing socially beneficial goods /services), as well as human rights benefits.

Escopo

Affects all financial market participants in the EU

Obrigação

Identifies three social objectives:

  • Decent work (including for value chain workers) 
  • Adequate living standards and well-being for end-user
  • Community inclusion 

Includes sub-objectives of: health and safety; healthcare; housing; wages; non-discrimination; consumer health; and communities’ livelihoods

Emphasises:” do no significant harm”

Cronograma//Aplicação

Report presented to the European Commission, 28Feb 2022

Comentário

This is an important effort to align two taxonomies (E and S) and avoid conflicting end objectives between environmental and social sustainability, and to allow investors to compare how funds are aligned with either taxonomy.

The creation of a social  taxonomy will soon lead to the establishment of consistent social metrics.

Referência

https://ec.europa.eu/info/business-economy-euro/banking-and-finance/sustainable-finance/overview-sustainable-finance/platform-sustainable-finance_en

Mostrar mais
Atividade

CMISA: Circular on Investment related to environmental, social and corporate governance, cyber and technology risks

Tipo de atividade
Security Commission or equivalent Regulations
País
Israel
N/A
Região
Asia
N/A
Propósito
Escopo

Financial institutions to consider ESG (environment, social, and governance) factors and developing risks (such as cybersecurity and technology risks) insofar as they might affect the performance of an investment portfolio

Obrigação

Requirement to present ESG procedures and policies and publish them annually.

Cronograma//Aplicação

Published Nov 1, 2021

CMISA (Capital Markets, Insurance and Savings Authority)

Comentário

CMISA has not set uniform parameters, and has let institutions set their own methodology as seems best to them

Mostrar mais
Atividade

Climate Risk Disclosure in Investment Management

Tipo de atividade
Security Commission or equivalent Regulations
País
Australia
N/A
Região
Australia
N/A
Propósito

FSC is a peak body which sets mandatory Standards and develops policy for more than 100 member companies in one of Australia’s largest industry sectors, financial service. FSC provides guidance on sound practice in relation to managing climate change financial risks.

Escopo

This Guidance Note develops a set of common considerations for the investment management industry on the following topics: 

  • approach to assessment of emissions in portfolios, setting net-zero targets and aligning portfolios to net zero targets; 
  • appropriate product labelling and avoidance of greenwashing; and 
  • application of Taskforce on Climate Related Financial Disclosures (TCFD) reporting to asset managers
Obrigação

Provides up to date guidance

Cronograma//Aplicação

Effective as of 3 August 2022

Comentário
Referência
Mostrar mais
Atividade

Code of Conduct for ESG Evaluations and Data Providers

Tipo de atividade
Security Commission or equivalent Regulations
País
Japan
N/A
Região
Asia
N/A
Propósito

Issues regarding current status of ESG evaluation and data by ESG data providers, including transparency, and fairness of evaluation, were pointed out in a report by the Expert Panel on Sustainable Finance in June

Escopo

The Japanese Financial Services Agency has addressed these concerns with this Code of Conduct

Obrigação

Guideline

Cronograma//Aplicação

Draft issued 12 July 2022. – public comment closed 5 Sept 2022

Comentário

Awaits publication

Referência
Mostrar mais
Atividade

South Africa Green Finance Taxonomy

Tipo de atividade
Taxonomy
País
N/A
Região
Africa
N/A
Propósito

Help the financial sector with clarity and certainty in selecting green investments in line with international best practice and South Africa’s national policies and priorities

Escopo

Official classification or catalogue that defines a minimum set of assets, projects, and sectors that are eligible to be defined as "green" or environmentally friendly

Obrigação
Cronograma//Aplicação

Launched April 1, 2022

Comentário
  • Provides clarity and certainty in selecting green investments in line with international best practices and national priorities and standards;
  • Helps unlock large-scale capital for climate-friendly and green investment in South Africa by increasing the credibility and transparency of green activities;
  • Reduces financial risks through enhanced management of environmental and social performance;
  • Reduces the costs associated with labelling and issuing green financial instruments;
  • Supports regulatory and supervision oversight of the financial sector.
Mostrar mais
Atividade

Reporting on TCFD recommendations: Guidance on Climate Disclosures

Tipo de atividade
Security Commission or equivalent Regulations
País
Hong Kong
N/A
Região
Asia
N/A
Propósito

To assist companies on complying with TCFD recommendations

Mostrar mais
Atividade

Resolutions on ESG disclosure

Tipo de atividade
Security Commission or equivalent Regulations
País
Egypt
N/A
Região
Africa
N/A
Propósito
Escopo

Companies listed on the Egyptian Stock Exchange, and companies operating in non-bank financial activities

Obrigação

To submit environmental, social, and governance disclosures related to the financial effects of climate change in accordance with the Task Force on Climate-Related Financial Disclosures (TCFD)

Cronograma//Aplicação

Mandated with 2023 annual report

Comentário

The decree presents two levels of compliance: Listed companies and non-banking financial companies with issued capital of at least EGP 100 mn need to make an annual ESG disclosure, and listed companies and non-banking financial companies with issued capital of at least EGP 500 mn or more will need to report on performance indicators that align with recommendations from the TCFD.

Mostrar mais
Atividade

EU Sustainable Finance Disclosure Regulation for Financial Institutions (SFDR)  EU 2019R2088

Tipo de atividade
Governmental ESG Regulations and Directives
País
N/A
Região
Europe
N/A
Propósito

Reduce greenwashing and the overstating of green credentials. 

Nearly of 334 environmental claims reviewed by the EC were found to be false or deceptive, or 37% included purposely vague and misleading statements

Escopo

Applies to all financial market participants (“FMPs”) and financial advisors (“FAs”) in the EU. Includes investment and mutual funds, UCITS, insurance-based investment products, and pensions

Obrigação

Disclosure of:

  • The adverse impacts of investment decisions on sustainability factors
  • Consideration of sustainability (ESG) risk in investment processes
  • Provision of sustainability information with respect to financial products
Cronograma//Aplicação

Applies from 10Mar2021.  

Some taxonomy-related product disclosures from 1Jun2022

Mandatory

Comentário

Implementation has been complicated by concomitant development of taxonomy.

Mostrar mais
Atividade

EU Draft Directive on Corporate Sustainability Due Diligence  (CSDD) EU2022D0051

Tipo de atividade
Governmental ESG Regulations and Directives
País
N/A
Região
Europe
N/A
Propósito

Directive establishes a corporate due diligence duty. The core elements of this duty are identifying, bringing to an end, preventing, mitigating and accounting for negative human rights and environmental impacts in the company’s own operations, their subsidiaries and their value chains.

Escopo

EU-companies which have: 

  • more than 500 employees and a net worldwide turnover of more than EUR 150 million; or
  • more than 250 employees and a net worldwide turnover of more than EUR 40 million—provided that at least 50% of this net turnover was generated in a “high-risk” sector 

Non-EU companies which have: 

  • net turnover of more than EUR 150 million in the EU; or
  • net turnover of more than EUR 40 million but not more than EUR 150 million, provided that at least 50% of its net worldwide turnover was generated in one of the “high-risk” sectors noted above

even if they do not have a physical presence in the EU.

Obrigação
  • Integrate due diligence into policies.
  • Identify actual or potential adverse human rights  and environmental impacts (that run contrary to multilateral environmental conventions), arising from their own operations or those of their subsidiaries and, where related to their value chains, from their established business relationships 
  • Prevent or mitigate potential impacts, bring to an end or minimise actual impacts.
  • Establish and maintain a complaints procedure.
  • Monitor the effectiveness of the due diligence policy and measures  
  • Publicly communicate on due diligence.
Cronograma//Aplicação

Public enforcement => Member State National Authorities fines 

Private =>  civil liability claim  

23Feb2022  Proposed to EU Parliament and Council  – awaiting approval

Once adopted, Member States will have two years to transpose the Directive into national law

Comentário

Will take until late 2024 - early 2025 to be turned into national laws….

Mostrar mais
Atividade

TCFD Guidance 2.0

Tipo de atividade
Security Commission or equivalent Regulations
País
Japan
N/A
Região
Asia
N/A
Propósito

From Ministry of Economy, Trade and Industry (METI), promotes disclosure in line with the TCFD recommendations

Escopo
Obrigação

Guidance

Cronograma//Aplicação

Update 2020

Comentário
Mostrar mais
Atividade

Sustainability Guidelines for Companies

Tipo de atividade
Security Commission or equivalent Regulations
País
Turkey
N/A
Região
Asia
N/A
Propósito

Tool for companies to position themselves correctly to become more attractive for international investments

Escopo

Provides companies an up-to-date roadmap on environmental, social and corporate governance (ESG) issues

Obrigação

Guideline

Cronograma//Aplicação

2020

Comentário
Mostrar mais
Atividade

Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021

Tipo de atividade
Security Commission or equivalent Regulations
País
New Zealand
N/A
Região
Australia
N/A
Propósito
Escopo

Large financial institutions including banks, registered investment schemes, licenses insurers, issuers of equity or debt securities, and listed NZ companies

Obrigação

To produce climate-related disclosures. Reporting must be against the standards issued by XRB, which will be developed in line with the TCFD

Cronograma//Aplicação

Must make disclosures on their 2023 financial year by 2024 (at the earliest)

Comentário

“One way of reading the Climate Change Commission’s draft advice is as a warning that high-carbon investments will be increasingly risky as we get closer to meeting the Government’s climate targets,”

Mostrar mais
Atividade

UK Financial Stability Board: Task Force on Climate-related Financial Disclosures (TCFD)

Tipo de atividade
Security Commission or equivalent Regulations
País
United Kingdom
N/A
Região
Europe
N/A
Propósito

One of the essential functions of financial markets is to price risk to support informed, efficient capital-allocation decisions. To carry out this function, financial markets need accurate and timely disclosure from companies. Without the right information, investors and others may incorrectly price or value assets, leading to a misallocation of capital. 

The Financial Stability Board (FSB) created the TCFD to develop recommendations on the types of information that companies should disclose to support investors, lenders, and insurance underwriters in appropriately assessing and pricing a specific set of risks—risks related to climate change

Escopo

Recommendations for companies to disclose how they manage the financial risks and opportunities that climate change poses to their business

Obrigação

Provides recommendations and guidance on disclosures in: governance; strategy; risk management; and metrics and targets.

Cronograma//Aplicação

Published in 2015

Comentário

The recommendations from this early task force are now considered ‘foundational’, and are being referenced and gradually implemented across the globe

Mostrar mais
Atividade

Sustainability Guidelines for Companies

Tipo de atividade
Security Commission or equivalent Regulations
País
Panama
N/A
Região
North America
N/A
Propósito

Helps issuing companies understand the context, characteristics and market best practices in ESG factor disclosures

Escopo

Includes definitions, benefits of reporting ESG aspects, recommendations for preparing a sustainability report, standards, international methodologies and performance indicators

Obrigação

Guideline

Cronograma//Aplicação

2021

Comentário
Mostrar mais
Atividade

Singapore Green and transition taxonomy

Tipo de atividade
Taxonomy
País
Singapore
N/A
Região
Asia
N/A
Propósito

To accelerate the development of green finance by (i) developing a taxonomy (ii) enhancing environmental risk management practices of financial institutions (iii) improving disclosures, and (iv) fostering green finance solutions.

Escopo

For Singapore-based financial institutions, with particular relevance to those active across ASEAN Member States

Obrigação
Cronograma//Aplicação

Issued 2022

Comentário

After consultation with stakeholders, the issued version expands on a traffic light approach, and adds thresholds for classification.

Mostrar mais
Atividade

US Inflation Reduction Act

Tipo de atividade
Governmental ESG Regulations and Directives
País
United States
N/A
Região
North America
N/A
Propósito

To make down payment on deficit reduction to fight inflation, to invest in domestic energy production and manufacturing, to reduce carbon emissions by roughly 40 percent by 2030, and to allow Medicare to negotiate for prescription drug prices

Escopo

Includes a $7500 tax credit for electric vehicles

Obrigação

Requires portions of critical battery materials to be extracted or processed in the United States

Cronograma//Aplicação

By 2026, vehicles will need to have 80% of critical materials sourced domestically or from a country with which the US has a free trade agreement.

Comentário
  • Materials account for 2/3 of EV battery costs.
  • Cobalt unlikely to contribute to qualifying for credit, but lithium and to a much lesser extent nickel will contribute
  • This could lead to greater penetration of lithium iron phosphate batteries (no nickel, no cobalt)
Mostrar mais
Atividade

Global Reporting Initiative

Tipo de atividade
Standard Setting Bodies
País
N/A
Região
N/A
Propósito

Independent international organization helping businesses take responsibility for their impacts by providing a common language to communicate those impacts. GRI envisions a sustainable future enabled by transparency and open dialogue about impacts

Escopo

“We are the global standard setter for impact reporting. We follow an independent, multi-stakeholder process. We maintain the world’s most comprehensive sustainability reporting standards. Our Standards are available as a free public good.

Obrigação

“Sets the tone for transparency.”

Cronograma//Aplicação

This is a voluntary standard. Standards have been used internationally in ESG reporting for some time as one of the two primary reporting formats

Comentário

Will be interesting to see if, and how well, GRI and ISSB standards harmonize once ISSB completed (see ISSB)

Referência
Mostrar mais
Atividade

Law on corporate due diligence, for the avoidance of human rights abuses (Due Diligence Law)

Tipo de atividade
Governmental ESG Regulations and Directives
País
Germany
N/A
Região
Europe
N/A
Propósito

Aims to protect the rights of people who produce goods for the German market.

Modelled after the United Nations Guiding Principles on Business and Human rights. They rest on three pillars: 

  • The duty to protect human rights. This is referring to states, whose job it is to ensure their citizens’ human rights are established and protected 
  • The responsibility to respect human rights. This is addressed at companies, who have to make sure their operations are conducted adhering to the international/national human rights legislations

Access to remedy. This pillar underscores the right of victims of corporate human right abuse to seek remedy before courts

Escopo

Applies to all companies employing at least 3,000 employees (1Jan2023) and at least 1000 employees 1Jan2024

Companies’ responsibility is to extend along their entire supply chain, graduated in line with the opportunities they have to exert an influence. Companies must realise their obligations in their own field of business and vis à vis their direct suppliers. Indirect suppliers are involved as soon as the company receives substantiated reports of human rights violations at that level.

Obrigação
  • Establish a risk management process
  • Conduct risk analysis
  • Publish a declaration of principles (Grundsatzerklärung) and implement preventive measures
  • Implement counter measures
  • Establish grievance mechanisms
  • If a company gets “substantiated knowledge” about risks with indirect suppliers, they have to conduct risk analysis, preventive measures, measures to minimize the risk, and update their declaration of principles
  • Publish a yearly report
Cronograma//Aplicação
  • scheduled to go into effect on 1 January 2023
  • The Federal Office of Economics and Export Control (Bundesamt für Wirtschaft und Ausfuhrkontrolle) is responsible for the implementation and enforcement of the law
  • Violation could bring fines of up to 2% of annual revenue
Comentário

The law asks for “adequate/appropriate” measures. What this would look like depends on the:

  • Type and scope of a company’s business activities
  • Degree of influence of a company over the company violating human rights
  • Severity/reversibility of the violation/potential violation 
  • Type of contribution to a risk for human rights/ the environment
Referência
Mostrar mais
Atividade

Japan’s National Action Plan on Business and Human Rights (2020-2025)

Tipo de atividade
Security Commission or equivalent Regulations
País
Japan
N/A
Região
Asia
N/A
Propósito

Lists a series of measures related to business and human rights to be implemented by the Government, as well as expectations for business enterprises to promote introducing human rights due diligence

Escopo

Government and industry

Obrigação

Guidance

Cronograma//Aplicação

Issued 2020

Comentário
Mostrar mais
Atividade

Sustainability Reporting Guidelines

Tipo de atividade
Security Commission or equivalent Regulations
País
Singapore
N/A
Região
Asia
N/A
Propósito

Guidelines to encourage using internationally accepted reporting frameworks such as GRI when developing reports and seeking third part assurance

Escopo

Listed companies

Obrigação

Requires every issuer to prepare an annual sustainability report, which must describe the issuer's sustainability practices with reference to the primary components set out in Listing Rule 711B on a 'comply or explain' basis

Cronograma//Aplicação

Updated 2020

Comentário
Mostrar mais
Atividade

US Securities and Exchange Commission Climate Risk Disclosure Rule

Tipo de atividade
Security Commission or equivalent Regulations
País
United States
N/A
Região
North America
N/A
Propósito

As investment dollars have followed the interest in ESG, the regulatory focus from the SEC has needed to increase to assure appropriate reporting

Escopo

Applies to all companies listed on US security exchanges

Obrigação

Significant increase in reporting on climate risk required:

  • Disclosure of material climate risks and impacts;
  • GHG Scope 1 & 2, with 3 if material; targets or transition plans
  • Targets for energy use, emission reduction, nature conservation, and use of offsets.
Cronograma//Aplicação

Under final review by SEC following close of Public comment 17June2022

First reporting due with Fiscal 2023 yearend (in 2024)

Comentário

A significant number of public entity corporate tenants, real-estate lenders, and real-estate investors will have to make disclosures about their real-estate holdings. Given that real estate accounts for a significant component of scopes 1 and 2 GHG emissions, compliance will include the emissions that come from real-estate footprints. If enacted, the SEC’s rule would mean both public and private real-estate companies must provide this insight to their tenants, investors, lenders, and other stakeholders.

Mostrar mais
Atividade

The Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022

Tipo de atividade
Security Commission or equivalent Regulations
País
United Kingdom
N/A
Região
Europe
N/A
Propósito

Requires climate-related financial disclosures in their strategic report, with disclosure in line with TCFD recommendations provide

Escopo

Applies to listed companies (a traded company, a banking company, an authorised insurance company and a company carrying on insurance business which in each case satisfy various conditions, including that of having more than 500 employees)

Obrigação

Requires disclosure in line with TCFD recommendations

Cronograma//Aplicação

April 2022

Companies Act

Comentário
Mostrar mais
Atividade

EFRAG (European Financial Reporting Advisory Group) European Securities and Markets Authority

Tipo de atividade
Standard Setting Bodies
País
N/A
Região
Europe
N/A
Propósito

EFRAG is a private association,  influencing the development of IFRS Standards from a European perspective and developing draft EU Sustainability Reporting Standards, and related amendments for the European Commission. EFRAG’s mission is to serve the European public interest in both financial reporting and sustainability reporting by developing and promoting European views in the field of corporate reporting and by developing draft EU Sustainability Reporting Standards. These standards will likely be used for reporting under the EU Corporate Sustainability Reporting Directive (CSRD).

Escopo

Propose 13 topics, in considerable granularity, for sustainability impacts, risks and opportunities (i.e. greater scope and detail than ISSB or SEC).   The reporting reflects on the company’s impact on the economy, environment and people.  Also categorises information differently from TCFD or ISSB.  Metrics address EU policy objectives.

Company scope will be the same as the EU Directive on Corporate Sustainability Reporting (CSRD)

Obrigação

same as the EU Directive on Corporate Sustainability Reporting  (CSRD)

Cronograma//Aplicação
  • EFRAG plans to release 40 industry-specific standards in 2023
  • phased introduction beginning Jan 2024
  • will require limited assurance initially, moving to reasonable assurance over time
Comentário
  • Lack of conformity between ISSB and EFRAG in terms of industry classification system used (SICS vs NACE) will require mapping between systems
  • ESDRs include the concept of double materiality and expand a company’s reporting boundary to its entire value chain.
Referência
Mostrar mais
Atividade

Dodd-Frank Wall Street Reform and Consumer Protection Act – Section 1502

Tipo de atividade
Security Commission or equivalent Regulations
País
United States
N/A
Região
Europe
N/A
Propósito

Written out of concern that the trade of 3TGs was funding "extreme levels of violence in the eastern Democratic Republic of the Congo, particularly sexual- and gender-based violence, and contributing to an emergency humanitarian situation therein...

Escopo

Companies that are publicly traded in the US

Obrigação

Annual report to the SEC that demonstrates the efforts to identify the sources of the 3TGs used in their products

Cronograma//Aplicação

Implemented 2014

In 2017, the SEC stated that it would suspend enforcement of the due diligence and audit requirements of the conflict minerals regulation

Comentário
Mostrar mais
Atividade

EU Conflict Mineral Regulation EU 2017R821

Tipo de atividade
Governmental ESG Regulations and Directives
País
N/A
Região
Europe
N/A
Propósito

In politically unstable areas, armed groups often use forced labour to mine minerals. They then sell those minerals to fund their activities, for example to buy weapons. These so-called 'conflict minerals', such as tin, tantalum, tungsten and gold, can find their way into our mobile phones, cars and jewellery. To stem the trade in conflict minerals, the EU passed this regulation to stop:

  • conflict minerals and metals from being exported to the EU;
  • global and EU smelters and refiners from using conflict minerals, and;
  • mine workers from being abused.
Escopo

EU estimated 800-1000 companies would be affected by this regulation

Obrigação

Requires importers to follow OECD Due Diligence Guidance for Responsible Supply chains from Conflict-affected and High-risk Areas

Cronograma//Aplicação

Took effect 1 Jan 2021. Enforcement by each EU Member State Responsible Authority

Comentário
  • Significant lack of visible  reporting of the results of National Responsible Authorities’ activities
  • In March 2022 the EU closed a call for tender to “Review the functioning and effectiveness” of the regulation.
Mostrar mais
Atividade

Ecodesign Requirements for Sustainable Products  EU 2022R0095  (ESPR)

Tipo de atividade
Governmental ESG Regulations and Directives
País
N/A
Região
Europe
N/A
Propósito

Establishes a framework to set ecodesign requirements for specific product groups to significantly improve their circularity, energy performance and other environmental sustainability aspects. It will enable the setting of performance and information requirements for almost all categories of physical goods placed on the EU market. It will enable the setting of performance and information requirements for almost all categories of physical goods placed on the EU market

Escopo

It will enable the setting of performance and information requirements for almost all categories of physical goods placed on the EU market

Obrigação

The framework will allow for the setting of a wide range of requirements, including on

  • product durability, reusability, upgradability and reparability
  • presence of substances that inhibit circularity
  • energy and resource efficiency
  • recycled content
  • remanufacturing and recycling
  • carbon and environmental footprints
  • information requirements, including a Digital Product Passport
Cronograma//Aplicação

Draft published 30Mar2022

Comentário
  • The new “Digital Product Passport” will provide information about products’ environmental sustainability. It should help consumers and businesses make informed choices when purchasing products, facilitate repairs and recycling and improve transparency about products’ life cycle impacts on the environment. The product passport should also help public authorities to better perform checks and controls.
  • The Commission has stated it would start legislating for high-impact industries with gaps in sustainability rules, such as textiles, furniture, mattresses, tyres, detergents, paints, and lubricants, iron, steel, and aluminium.(see EU COMMUNICATION FROM THE COMMISSION: On making sustainable products the norm   COM_2022_140)
Mostrar mais
Atividade

US Department of Labor; Customs & Border Protection  (CBP) : Uyghur Forced Labor Prevention Act

Tipo de atividade
Governmental ESG Regulations and Directives
País
United States
N/A
Região
North America
N/A
Propósito

The UFLPA establishes a rebuttable presumption that any goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in the XUAR (Xinjiang), China, are not entitled to entry at any of the ports of the U.S

Escopo

any goods, wares, articles, and merchandise mined, produced, or manufactured wholly or in part in the XUAR

Obrigação

Proof that the Scope has not been transacted

Cronograma//Aplicação

CBP activity commenced June 22, 2022

preliminary determinations should start arriving by August 29 ,2022.

Enforcement: US DoL, CBP

Comentário
  • The Obama administration imposed tariffs of 250% on solar modules from China.  China then moved the majority of production (or shipping) to: Malaysia-31%, Vietnam-29%, Thailand-26% and Cambodia-6%. It should be interesting to see if this sourcing is identified by USCBP.
  • It will take several months to see the extent of application of the Act as well as the implications for the need for good traceability
  • The solar industry has been strangely silent on the topic....
Referência

 https://www.dhs.gov/uflpa

Mostrar mais
Atividade

EU Taxonomy Regulation EU 2020R852

Tipo de atividade
Taxonomy
País
N/A
Região
Europe
N/A
Propósito

The EUTR establishes a classification system (or a taxonomy) which provides businesses with a common language to identify whether or not a given economic activity should be considered when reporting

Escopo

Specifies six environmental objectives :

  • Climate change mitigation 
  • Climate change adaptation
  • Sustainable use and protection of water and marine resources
  • Transition to a circular economy
  • Pollution prevention and control 
  • Protection and restoration of biodiversity and ecosystems
Obrigação

Effective 01 Jan. 2022 for climate change mitigation and adaption.

The remaining 4 will be integrated effective 1 January 2023

Cronograma//Aplicação

Asset managers and financial advisers need to disclose the degree to which they commit to being invested in taxonomy-aligned activities within their financial products. 

As a result:

  • Companies have clearer guidance on sustainable finance initiatives and regulation, which helps in strategic planning and raising capital for these projects.
  • Investment managers can design credible green products that meet the approved common standards. 
  • Retail investors can better compare financial products based on EU TR-aligned activities. Professional investors (portfolio managers) can better compare companies through improved disclosure of EU TR-aligned activities
Comentário
Referência
Mostrar mais
Atividade

EU Directive on Corporate Sustainability Reporting  (CSRD)

EU2021D0189

Tipo de atividade
Governmental ESG Regulations and Directives
País
N/A
Região
Europe
N/A
Propósito

The CSRD wants companies to disclose how their sustainability/ business strategies align with limiting global warming to 1.5C and how they contribute to the EU’s own climate goals.

Escopo

All companies listed on EU regulated markets, large companies meeting two of these three:

  • a balance sheet total of > EUR 20,000,000
  • a net turnover of > EUR 40,000,000
  • an average of >250 employees. 

Extraterritorial companies listed on EU markets along with  their EU domiciled subsidiaries.

Obrigação

Reporting reflects a ‘double materiality perspective’,  reflecting both the inwards and outwards impacts of a company impact/impact materiality = outwards). 

Companies are to report on:

  • Strategy & business model and its resilience
  • Sustainability targets & indicators set, and progress to them
  • All environmental-related matters that are affected by or affect their business
  • Social considerations (working conditions, human rights, etc.
  • Governance processes; 
  • External and internal risk management
Cronograma//Aplicação

Passed EU Parliament 21Jun2022

Oct31, 2022   First set of standards:  guidelines on double materiality and on information quality.

Oct31, 2023  Second set of standards:  Connectivity, levels  of reporting; retrospective/ prospective information, and  Public Good

Comentário

This is an important step in the EU development of a regulatory framework

Mostrar mais
Atividade

UK TCDF Guidance on Metrics, Targets, and Transition Plans

Tipo de atividade
Security Commission or equivalent Regulations
País
United Kingdom
N/A
Região
Europe
N/A
Propósito

To address recent developments … provides additional guidance for preparers regarding disclosures of climate-related metrics and targets and key information from transition plan

Escopo
Obrigação

Guidance

Cronograma//Aplicação

2022 update to TCDF

Comentário

Users identified: financial impacts on capital expenditures and allocation; and financial implications under different climate-related scenarios, as the most useful to disclose.

Mostrar mais
Atividade

UK London Stock Exchange Group: ESG Report Guidance

Tipo de atividade
Security Commission or equivalent Regulations
País
United Kingdom
N/A
Região
Europe
N/A
Propósito

Make companies more aware of the importance of providing high quality ESG information, and engaging investors on sustainability-related issues

Escopo

ESG reporting is not just for larger companies. This is about all issuers, regardless of size, reporting relevant and material information to investors so that they can make better informed investment decisions

Obrigação

Guidance

Cronograma//Aplicação

Published2020

Comentário
Mostrar mais
Atividade

EU Green Bond Standard  2021/0191 (COD)

Tipo de atividade
Governmental ESG Regulations and Directives
País
N/A
Região
Europe
N/A
Propósito

To better regulate the green bond market, improve its supervision, reduce greenwashing, and add clarity when money goes to gas or nuclear.

Escopo

For all bonds that are marketed as green, transparency requirements are introduced, including being aligned with the taxonomy legislation on the use of proceeds derived from the bond issuance

Obrigação

To avoid ‘brown’ companies (i.e. with highly polluting industries) using the EuGB label to pretend to be greener than they really are, the amended proposal requires that all EuGBs have verified transition plans. The text also ensures that all issuers of green bonds have processes in place to identify and limit the principal adverse impacts of their activity. Finally, it prohibits all issuers from countries that are on the EU’s grey or blacklist of tax havens from issuing EuGBs

Cronograma//Aplicação

Economic and Monetary Affairs Committee proposed changes 17May2022.

under negotiation with Member States 8Jun2022

Comentário
Mostrar mais
Atividade

Model Guidance for Companies on Reporting on ESG informatio

Tipo de atividade
Security Commission or equivalent Regulations
País
Japan
N/A
Região
Asia
N/A
Propósito

Investors are now taking into account ESG factors when evaluating mid- to long-term corporate value. Japanese and overseas entities have published standards, frameworks and guidance on ESG disclosure, but listed companies struggle to tell between them and want more information in Japanese

Escopo

To be a helpful reference material for companies wanting to improve their mid- to long-term corporate value by understanding ESG and the spread of ESG investment, progressing their ESG activities in a way fitting to the company, and enacting dialogue with investors and other stakeholders.

Obrigação

Guidance

Cronograma//Aplicação

March 2020

Comentário

Published by Japan Exchange Group, Inc. and Tokyo Stock Exchange, Inc.

Mostrar mais
Atividade

Model Guidance for Companies on Reporting on ESG information

Tipo de atividade
Security Commission or equivalent Regulations
País
Japan
N/A
Região
Asia
N/A
Propósito

A reference for listed companies to consider ESG disclosure.

Escopo
Obrigação

Guidance

Cronograma//Aplicação

Issued 2019

Comentário

This guidance was originally created by the Sustainable Stock Exchanges Initiative and translated into Japanese by Japan Exchange Group.

Mostrar mais
Atividade

ED/2022/S2 Climate-related Disclosures

Tipo de atividade
Standard Setting Bodies
País
N/A
Região
N/A
Propósito

The IFRS (International Financial Reporting Standard) established a new standard-setting board, the ISSB, in November 2021, The IFRS has global influence in accounting standards, through their initial board, the IASB (International Accounting Standards Board).  The former Value Reporting Foundation (VRF), itself a merger of the International Integrated Reporting Council (IIRC) and the Sustainability Accounting Standards Board (SASB), has now merged with the ISSB.

Escopo

The  ISSB is tasked to set up sustainability standards give a global baseline to  high quality, transparent, reliable and comparable reporting by companies on climate and other environmental, social and governance (ESG) matters. The inclusion of the former SASB in the Board gives an industry focus to the development of sustainability standards.

IFRS S2 Climate-related Disclosures (Climate Exposure Draft) builds upon the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and incorporates industry-based disclosure requirements derived from SASB Standards

Obrigação
Cronograma//Aplicação

IFRS S1 General Sustainability-related Disclosure Requirements and IFRS S2 Climate-related Disclosures drafts were released 31Mar2022; feedback closed 31July2022; under feedback review H2 2022; issue planned yearend 2022.

Comentário
  • IFRS S1 sets out the overall requirements for an entity to disclose sustainability-related financial information about all its significant sustainability-related risks and opportunities, to provide the market with a complete set of sustainability-related financial disclosures.
  • IFRS S2 builds upon the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and incorporates industry-based disclosure requirements derived from SASB Standards.
Referência
Mostrar mais
Atividade

EU COMMUNICATION FROM THE COMMISSION: On making sustainable products the norm
COM_2022_140

Tipo de atividade
Governmental ESG Regulations and Directives
País
N/A
Região
Europe
N/A
Propósito

The current economic model is still based on “take-make-replace.” It depletes our resources, pollutes our environment, and damages biodiversity and climate. It also makes Europe dependent on resources from elsewhere. 

To address these problems, the EU aims to move to a more circular economy model based on more sustainable products, to ensure that by 2030: 

  • a significant part of the products on the EU market are designed to be more durable and energy- and resource efficient, reparable, recyclable, and with preference for recycled materials
  • companies from all over the world are able to compete on a level playing field without being undercut by others that leave society to deal with their environmental damage
  • consumers have access to the information they need to make more sustainable choices, are better protected against practices harmful to the green transition and have longer-lasting products
  • companies can access the data they need to ensure environmental sustainability and circularity of their products and business models
Escopo

See proposed Ecodesign for Sustainable Products Regulation

Obrigação
Cronograma//Aplicação
Comentário
Mostrar mais
Atividade

Sustainability Reporting Guidelines for Publicly Listed Companies

Tipo de atividade
Security Commission or equivalent Regulations
País
Philippines
N/A
Região
Asia
N/A
Propósito

Enable listed companies to measure and monitor their contributions towards achieving universal targets of sustainability, such as the UN's Sustainable Development Goals as well as national policies and programs, such as AmBisyon Natin 2040

Escopo

All listed companies

Obrigação

Comply or explain

Cronograma//Aplicação

2019

Philippines Securities and Exchange Commission

Comentário
Mostrar mais
Para obter mais regulamentações, consulte: https://www.unpri.org/

Junte-se a nós na construção de um crescimento sustentável.